Therein, UBS’s banking analysts chart the evolution of revenues in US$ for banks’ sales and trading businesses since 2009. Q1 is by far the most important three months of the year for sales and trading revenues, making it a barometer of a business’s health.

UBS’s figures, given in the tables below, confirm that Goldman has been the consistent loser of market share in FICC since 2009. By comparison, JPMorgan has fairly consistently gained. BNP and SocGen’s investments in fixed income currencies and commodities (FICC businesses) appear to have paid off. Citi has never regained its leading FICC share from Q12009.

In equities, BarCap and Deutsche appear to have taken share from UBS. Citi has lost significantly, but partially reversed the downward trend in the past quarter.

Overall, market shares look surprisingly stable over the past three years. What’s more notable is what’s happened to absolute revenues numbers: total FICC revenues as measured by UBS were down 30% in Q12012 vs. Q12009; equities sales and trading revenues were up 20% over the same period, but fell 15% between Q12010 and the first quarter of this year.